Bitdeer Technologies Group (NASDAQ:BTDR) Shares Gap Down on Disappointing Earnings

Key Points

• Bitdeer shares opened lower after the company reported quarterly EPS of negative $0.46, missing the $0.33-loss consensus by $0.13; the stock opened at $6.24 versus its prior close of $6.61.
• Revenue was a bright spot, reaching $320.75 million versus estimates of $258.18 million and rising 89% year over year, though the company reported a 55.15% negative net margin.
• Analyst sentiment remains broadly positive: the stock carries a “Moderate Buy” consensus and an average price target of $21.60. The CFO and another insider also each bought 25,000 shares in August.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) gapped down prior to trading on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $6.61, but opened at $6.24. Bitdeer Technologies Group shares last traded at $6.3720, with a volume of 1,143,091 shares.

The company reported ($0.46) EPS for the quarter, missing the consensus estimate of ($0.33) by ($0.13). Bitdeer Technologies Group had a negative net margin of 55.15% and a negative return on equity of 54.72%. The company had revenue of $320.75 million for the quarter, compared to the consensus estimate of $258.18 million. During the same period last year, the company posted ($1.28) earnings per share. The firm's revenue for the quarter was up 89.0% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Cantor Fitzgerald reiterated an "overweight" rating on shares of Bitdeer Technologies Group in a research note on Monday, October 26th. Needham & Company LLC lowered their price target on shares of Bitdeer Technologies Group from $22.00 to $20.00 and set a "buy" rating for the company in a research report on Tuesday, August 11th. Benchmark reaffirmed a "buy" rating on shares of Bitdeer Technologies Group in a report on Tuesday, August 11th. Keefe, Bruyette & Woods dropped their price objective on shares of Bitdeer Technologies Group from $14.00 to $10.00 and set a "market perform" rating on the stock in a report on Thursday, August 13th. Finally, Barclays lifted their price objective on shares of Bitdeer Technologies Group from $15.00 to $17.00 and gave the company an "overweight" rating in a research report on Friday, October 9th. Ten research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $21.60.

Insider Buying and Selling

In related news, CFO Michael G. Potter acquired 25,000 shares of the stock in a transaction that occurred on Wednesday, August 12th. The shares were acquired at an average price of $9.04 per share, for a total transaction of $226,000.00. Following the completion of the purchase, the chief financial officer directly owned 25,000 shares of the company's stock, valued at $226,000. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Haris Basit bought 25,000 shares of the company's stock in a transaction that occurred on Friday, August 14th. The shares were purchased at an average cost of $8.84 per share, for a total transaction of $221,000.00. Following the acquisition, the insider owned 35,000 shares of the company's stock, valued at $309,400. This represents a 250.00% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing.

Hedge Funds Weigh In On Bitdeer Technologies Group

Several hedge funds have recently modified their holdings of BTDR. GAMMA Investing LLC lifted its holdings in Bitdeer Technologies Group by 57.3% in the 2nd quarter. GAMMA Investing LLC now owns 2,476 shares of the company's stock valued at $39,000 after acquiring an additional 902 shares during the last quarter. Hollencrest Capital Management acquired a new stake in shares of Bitdeer Technologies Group during the 1st quarter valued at $43,000. SBI Securities Co. Ltd. lifted its position in shares of Bitdeer Technologies Group by 80.7% during the 3rd quarter. SBI Securities Co. Ltd. now owns 4,621 shares of the company's stock valued at $48,000 after acquiring an additional 2,064 shares during the last quarter. Activest Wealth Management lifted its position in shares of Bitdeer Technologies Group by 150.0% during the 3rd quarter. Activest Wealth Management now owns 5,000 shares of the company's stock valued at $52,000 after acquiring an additional 3,000 shares during the last quarter. Finally, CoreCap Advisors LLC boosted its stake in shares of Bitdeer Technologies Group by 467.5% during the 3rd quarter. CoreCap Advisors LLC now owns 5,675 shares of the company's stock worth $60,000 after acquiring an additional 4,675 shares in the last quarter. 22.25% of the stock is currently owned by institutional investors and hedge funds.

Bitdeer Technologies Group Trading Down 2.1%

The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.01 and a current ratio of 1.01. The firm has a market capitalization of $1.47 billion, a P/E ratio of -2.08 and a beta of 2.72. The firm has a 50 day moving average price of $9.71 and a two-hundred day moving average price of $11.47.

About Bitdeer Technologies Group

Bitdeer Technologies Group is a technology company focused on cryptocurrency mining and related infrastructure. Its business includes operating mining data centers, mining digital assets for its own account, and providing hosting services that allow customers to deploy and operate mining equipment.

The company also develops and sells cryptocurrency mining machines and offers cloud hash rate services, which provide customers access to computing capacity for mining without requiring them to operate the equipment themselves.

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